Mozambique-focused coal and power plant developer Ncondezi Energy has been given an extension on its shareholder loan repayment. The Aim-listed company now has until September 2 to repay its shareholder loan, after loan holders agreed to extend the repayment deadline from May 10, the Miningweekly reports.
Ncondezi has drawn down $2.19-million under the shareholder loan and has to repay double that amount.
On Wednesday, Ncondezi said that it had sufficient funding until the end of May.
Stock in the company jumped 50% on Thursday to £3 a share, before retreating to £2.15 a share by midday.(Source: Miningweekly)